Teen Money Independence — Complete Curriculum

Click a unit to expand. Click any lesson for vocabulary, objectives, and discussion questions with model answers.

Meet the Students ▶

Lucy

The Planner

Lucy is organized, methodical, and always thinking two steps ahead. Her systems usually work — but she'll learn that even the best plans have blind spots, and that a plan is only worth having if it's in service of a life you actually want.

Joseph

The Impulsive Spender

Joseph isn't careless — he's just never been taught. He spends impulsively, says "next month" to saving, and learns most of his lessons the expensive way. But he pays attention, he keeps trying, and by Unit 8 he's a different financial decision-maker than the one who cashed his first paycheck at a grocery store counter.

Alex

The Trade School Path

Alex skipped the four-year degree and went straight into an HVAC certification program. He graduates with no debt, two job offers, and a truck to save for. His arc isn't about becoming a finance expert — it's about realizing he already thinks like one, and learning to trust that.

Sofia

The Over-Cautious Saver

Sofia saves everything and risks nothing. Her emergency fund is fully funded, her credit cards are paid off, and her money sits safely in a bank account earning almost no interest. Her journey is learning that fear of losing money can cost you just as much as spending it — and that security isn't the same as joy.

Classroom Activities — Homeschool Edition

Competitive, hands-on activities connected to real-life financial decisions. Designed for ages 13–18, adaptable for individual, small group, or full classroom use. Click any card for full step-by-step instructions.

Tax Simulator

Adjust income, state, and filing status to see federal + state taxes calculated in real time. Includes all 50 states. Virginia is set as the default.

Your income & situation

Hourly rate

$

Hours this period

Pay frequency

Pay periods worked so far this year

Filing status

State

W-2 vs W-4 explained

A W-2 is the annual document your employer sends showing total wages earned and taxes withheld. Use it to file your return by April 15.

A W-4 is filled out when starting a job — it tells your employer how much to withhold from each paycheck.

Your employer sends taxes to the IRS throughout the year. In April you file your return to settle the difference — too much withheld = refund; too little = you pay the balance.

📄 Your Pay Stub

Tax breakdown

📄 Practice 1040 Walkthrough — live numbers from your simulator above

Printable 1040 tip: For hands-on learning, print a simplified Form 1040 from irs.gov/forms and work through it together using the numbers from this simulator. Writing numbers in by hand — referencing a real W-2 or the paycheck above — makes the filing process tangible and memorable. The walkthrough above shows exactly which line each number belongs on.

Discussion questions — click any question to reveal the model answer

Budget Lab

Enter your real take-home income and build your actual monthly budget line by line. Click any item name or amount to edit it.

Monthly take-home income

$ /month after taxes

Enter income to begin

Budget summary

Savings growth at 7%

If you invest your savings category monthly:

Emergency fund timeline

Based on your needs total as monthly expenses:

Housing Calculator — Rent vs. Buy

Compare the true 10-year cost of renting vs. buying. Adjust any number to see the break-even point.

Renting

Monthly rent$1,400

Annual rent increase3%

Renters insurance /mo$15

Buying

Home price$280,000

Down payment10%

Mortgage rate (30-yr)6.8%

Property tax rate /yr1.0%

Home insurance /mo$120

Home appreciation /yr3%

10-Year Comparison

Monthly payment breakdown (buying)

Key concepts

Equity — the portion of your home you actually own (value minus loan balance). Rent builds zero equity.

PMI — required if down payment < 20%. Adds ~0.5–1% of loan per year until you reach 20% equity.

Break-even — years before buying becomes cheaper than renting would have been. Typically 4–7 years.

The 5% rule — Home price × 5% ÷ 12. If that exceeds your rent, renting may be the better financial choice.

Discussion questions — click to reveal model answer

Quiz Bank

Test knowledge after each unit. Select a unit, answer all questions, then submit to see your score and explanations. Complete all 8 units before taking the Final Exam — a comprehensive 40-question assessment covering everything. Passing score: 32/40 (80%).

Planning Tools

Insurance cost estimators and a financial aid calculator. Figures are national estimates for educational purposes — actual amounts vary by insurer, state, and situation.

Insurance cost estimator

Your age22

Plan type

Coverage situation

Financial aid estimator (FAFSA / SAI)

Estimates your Student Aid Index and typical aid package. The real FAFSA uses a more detailed formula — this gives a realistic ballpark for planning.

Household adjusted gross income$65,000

Family size4

Parent savings and investments$25,000

Dependency status

Target school type

How this works: FAFSA calculates your Student Aid Index (SAI) — your expected family contribution. Schools subtract SAI from Cost of Attendance (COA) to determine financial need, then build an aid package of grants, work-study, and loans.

Discussion questions

Recommended Resources

Free tools, curriculum platforms, and apps to extend learning.

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🏆 Curriculum Complete!